Crizac Limited — Q3 FY26
Crizac delivered a strong Q3 FY26 with revenue of 278.63 cr (+28% YoY) and EBITDA margin of 23.19%, driven by robust application volumes and operating leverage.
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
71%Questions answered2Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Growth drivers for large UK partner universities: market expansion or wallet share gain?
Asked by Tammed Patel Tamik
Management clearly stated growth comes from both market expansion and wallet share gain, with specific market share data.
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Question
at large UK partner universities where we already contribute let's say significant part of their intake now the growth would be driven by market expansion or wallet share gain for from the other players.
Manish (CFO)
it will come from both the things. we expect to gain market share as ... our market share if you look at across the globe of the student we send to our partner university it's less than 1%.
Evasive
High priority
Regulatory developments in key geographies impacting volume growth over next 6-12 months.
Asked by Tammed Patel Tamik
Management did not list specific regulations or quantify impact, only gave general positive sentiment.
no specific regulations namedvague positive outlook
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Question
are there any regulatory development across our key geographies that we should be closely monitoring over next 6 to 12 months which can impact our volume growth positively or negatively.
Manish (CFO)
all the news are normally baked in our forecast. We believe some of the news for example FDA with YOP which came yesterday all these are very positive.
Answered
High priority
Unit economics and margin profile of Global Tree compared to existing business.
Asked by Tammed Patel Tamik
Management provided margin expectation of 50% for Global Tree and explained B2C vs B2B difference.
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Question
how do global trees unit economics and margin profile compare with phys existing business? Any particular flavor which you can give us on margin and unit economics?
Manish (CFO)
Global Tree is a B2C company whereas we are a B2B company. Our margins are relatively smaller compared to a B2C company. So in terms of margin of global tree, we expect it to be around 50%.
Answered
High priority
Number of applications processed this quarter, split by UK, Canada, Ireland, other.
Asked by Svicha Jen
Management gave specific application count and geographic split.
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Question
how many applications were processed in this quarter and how many applications were processed mainly for UK then for Canada and then Ireland and for other countries.
Manish (CFO)
we did around 1.2 lakh applications in this quarter. Almost 50% came from 50% for India or you can say 50% 90% were for UK and rest were for other countries.
Answered
Medium priority
Reason for spike in other expenses, specifically professional fees.
Asked by Svicha Jen
Management explained the increase was due to acquisition-related professional fees and IT security consulting.
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Question
the other expense have shot up and you've also mentioned this was for professional fees ... if you could just elaborate a little bit on this.
Manish (CFO)
Our FY quarter 3 FY 26 other expenses are on a higher side because we engage lawyers, consultant for due diligence and other things for acquisition purpose.
Partial answer
Medium priority
Revenue and profit for subsidiaries Global Tree, Studies Planet, and Youcall for 9M FY26.
Asked by Svicha Jen
Management gave revenue for two subsidiaries but did not provide profit figures.
profit not providedonly revenue given for some
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Question
would you be able to give us the revenue and the profit for our subsidiaries such as global tree careers the studies planet and you call fle is it possible for 9 month FI26?
Manish (CFO)
Global tree we acquired on 6th of January FY 26. So that has not been consolidated. ... studyplanet.com Limited ... revenue was approximately 1 CR ... you call every subsidiary has a turnover of 10.73 crores in quarter three and study planet has 1.87 cr of the revenue.
Answered
Medium priority
Details on accommodation and financial assistance services launch timeline.
Asked by Svicha Jen
Management confirmed both services are already launched and explained the business model.
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Question
you've mentioned that we plan to get into the accommodation services and financial assistance services. So what exactly do we plan on this and by when do we plan to launch the services?
Manish (CFO)
we've already launched the acquiration as a service in our platform. ... we have already tied up with many of the education loan agencies where we will refer the students to them and we'll get a referral fee.
Partial answer
High priority
Outlook on UK geography given stricter rules from April this year.
Asked by Aman Benerjee, Incred Capital
Management did not directly address the stricter rules mentioned but highlighted a positive government strategy.
did not address specific April rulesfocused on positive strategy
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Question
we might see some rules getting stricter and some rules new new new rules applicable from April of this year. So what's our outlook there? we might see a drop in our applications.
Christopher (CEO)
The major recent change or news item for the UK market was the launch of a new international education strategy ... very positive announcement ... new and much higher target to boost its international education exports to 40 billion pound sterling a year by 2030.
Answered
High priority
Plans to enter Canada market given trend of new applications there.
Asked by Aman Benerjee, Incred Capital
Management confirmed they are adding Canadian institutions.
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Question
we are seeing a trend change in terms of students as their destination country we are seeing a lot of new applications towards Canada. But we are not at all there in that market. So are we planning to start anything there?
Manish (CFO)
Yes. we are adding institutions and universities in Canada as well. Though having said that UK is still the by far the most popular destination.
Partial answer
High priority
Overdependence on UK and strategy to break into Canada, Australia given tougher visa macro.
Asked by Madur Rati, Counter Investments
Management acknowledged the issue and outlined strategy but did not quantify progress or address headwind directly.
no specific timeline or targetsvague on headwind
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Question
since we have a overd dependence on UK market ... what will it take for us to break into new geographies like Canada and Australia and the macro environment for visa is getting tougher in all of these geographies. Is that a major headwind?
Christopher (CEO)
Our strategy is to derisk through diversification globally. ... We're working aggressively to expand to diversify on the destination market side. This we believe is going to be done more efficiently through inorganic growth.
Answered
Medium priority
Market share with UK institutions and whether entering Canada requires cash burn.
Asked by Madur Rati, Counter Investments
Management answered both parts: universities use multiple platforms and tech platform can add institutions without extra cost.
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Question
what is our market share with the institutions in UK ... are we the single source supplier to them or they have multiple platforms like ours? ... if we need to enter Canada so is there some cash burn that we will have to penetrate the market?
Manish (CFO)
most of the universities works with multiple platforms like ours ... in our existing tech platform we have that capabilities to add any new institution without any additional cost.
Evasive
Medium priority
Normalized other expenses going forward given spike in Q3.
Asked by Virat Jen (Sedat), Yes securities
Management explained the reasons but did not provide a specific normalized run-rate.
no specific normalized number givenvague 'settle down'
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Question
your base quarter fees were extremely low less than a cr. So going forward what can be a reasonable or an average number that we can expect?
Manish (CFO)
Q3 FY25 numbers are low because of certain rightbacks ... Q3 FY26 as said we have hired consultant for IT securities acquisition these have led to increase in professional fees we don't expect this to continue foreverly it will settle down in between the two end.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Global Tree margin expected around 50% | 50% | 23.19% | Overstated vs filing |
| Studyplanet revenue 1.87 cr in Q3 | ₹1.87 cr | ₹278.63 cr | Understated vs filing |
| Youcall subsidiary turnover 10.73 cr in Q3 | ₹10.73 cr | ₹278.63 cr | Understated vs filing |
| Gross margin 9M FY26 same as FY25 at 29% | 29% | 23.19% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.